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Certificates of Deposit (CD)

February 8, 2023


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Certificates of Deposit are a form of savings also known as a time deposit or "CD." Funds are deposited with the bank for a specified period of time. The bank will pay a rate of interest that is based on the term of the certificate. All certificates are automatically renewable. There is a seven-day grace period after the maturity date to cash the certificate. A penalty may be imposed by the bank for early withdrawal. The interest paid may be compounded or simple.

Features & Benefits

  • Interest rates on certificates of deposit are higher than on other types of savings accounts.
  • Simple interest may be paid monthly or quarterly, by check or into a checking or savings account, at our bank or at another bank by ACH.
  • Compound interest is added quarterly to the principal on 12-60 month certificates and is received at maturity. The actual return is referred to as the Annual Percentage Yield (APY).
  • Certificates of deposit make excellent collateral for loans.
  • Maturity notices, renewal notices, and year-end statements are mailed.
  • Interest rates for new and renewing certificates may change at any time at the Bank's discretion. Current rate information is posted in our lobbies and on our website.
  • Guaranteed rate of return and FDIC insurance provides a safe, risk free investment for personal funds, retirement funds (IRA), or business funds.
  • Most certificates of deposit require a $200 minimum deposit. Terms range from 91 days to 60 months.
  • Added Advantage certificates of deposit require a $2,500 minimum deposit. Terms are 18 or 30 months. The 18-month term includes a one time option to increase the rate to our current posted rate, and the 30 month has a two time option to increase the rate. At the same time a rate is increased, you may add $1,000 or more to the same CD for the remainder of the term.
  • Early withdrawal penalties range from 30 days interest to 365 days interest depending on CD type. A minimum early withdrawal penalty of $25 will apply to all CD types.